Updated Duplex with Off-Street
For Sale
$220,000
1829 Culbertson Ave, New Albany, IN 47150
Two occupied units feature separate utility meters and dedicated alley-access parking.
Property Size1,786 SF
Price / SF$123.18
Days on Market21
Property Features for 1829 Culbertson Ave
General Information
Standard status
Active
Size
1,786 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$24,000
Building Details
Year Built
1929
Buildings
1
Listing Agency:
Keller Williams Collective
(812) 923-7050
Listed By:
Customer Care
(812) 923-7050
Source:
Indianahomesfirst
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 28 at 6:19AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Collective
Investment Insights
Based on property information with market context.
This 1,786 SF duplex contains two separately metered residences with distinct layouts. The first-floor unit includes two bedrooms, a living room, kitchen, full bathroom, laundry area, and basement storage with a sump pump, shelter space, and furnace installed in 2023. Its two water heaters date to 2021, per the previous owner. The second-floor unit offers one large bedroom, living room, kitchen, bathroom, laundry hookups, furnace, and air conditioning installed in 2024.
The property is fully leased, with tenants responsible for utilities. Recent improvements include a roof installed in September 2024, updated central heating and air conditioning in both units, and vinyl siding. Dedicated off-street parking is available from the alley, with additional street parking. The duplex is located between Vincennes and Thomas St near New Albany High School and Hazelwood Middle School. Showings require a minimum of 24-hour notice.
The property is fully leased, with tenants responsible for utilities. Recent improvements include a roof installed in September 2024, updated central heating and air conditioning in both units, and vinyl siding. Dedicated off-street parking is available from the alley, with additional street parking. The duplex is located between Vincennes and Thomas St near New Albany High School and Hazelwood Middle School. Showings require a minimum of 24-hour notice.
Key Highlights
- 1,786 SF duplex with two separately metered units
- Fully leased with tenants paying all utilities
- First‑floor unit has 2 bedrooms and basement storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,046
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$280,920
$280.9K
Cap Rate 7%
$200,657
$200.7K
Cap Rate 9%
$156,067
$156.1K
Market Conditions
NOI Build-Up for 1,786 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.6K $12.12/SF
− Vacancy
−$1.6K −$0.88/SF
EGI
$20.1K $11.24/SF
− OpEx
−$6.0K −$3.37/SF
NOI
$14.0K $7.86/SF
Area
Floyd County, IN
Vacancy
7.30%
Lease Rate
$12.12 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$280,920
Cap Rate 7%
$200,657
Cap Rate 9%
$156,067
Alternative Uses
Best Use
Multifamily LT 5
$200.7K
$175.6K – $234.1K
NOI $14,046 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$180.7K
$158.1K – $210.8K
NOI $12,648 @ 7.0% cap · market cap 5.75%
Theoretical Best
Specialty Retail
$1.29M
$1.13M – $1.51M
NOI $90,366 @ 7.0% cap · market cap 41.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
521
Businesses Nearby
Explore this area
Business Placement
Demographics for 47150, IN
49,395
Population
22,834
Households
2.2
Avg Household Size
39
Median Age
26%
College-Educated
91%
High-School Grad
45.0 sq mi
ZIP Area
1,098
Density / Sq Mi
$62,212
Median Household Income
$40,837
Median Earnings
$984
Median Rent
$191,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units feature separate utility meters and dedicated alley-access parking.
Where is this duplex located?
The property is located at 1829 Culbertson Ave New Albany, IN.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 1,786 SF duplex with two separately metered units; Fully leased with tenants paying all utilities; First‑floor unit has 2 bedrooms and basement storage
